Cango Inc. Presents Key Highlights of Its Filed Annual Report

Core Insights - Cango Inc. has successfully pivoted towards cryptocurrency mining, achieving a 400% year-over-year revenue increase and securing its position as the third-largest publicly traded Bitcoin miner globally [1][2]. Financial Performance - In Q4 2024, Cango reported total revenues of RMB668.0 million (US$91.5 million), marking a 400% increase year-over-year, primarily driven by its Bitcoin mining business [2]. - The net income for Q4 2024 was RMB55.9 million (US$7.7 million), a significant recovery from a net loss of RMB103.8 million in Q4 2023 [2]. - For the full year 2024, total revenues reached RMB804.5 million (US$110.2 million), with net income of RMB299.8 million (US$41.1 million), reversing a net loss of RMB37.9 million in 2023 [3]. Bitcoin Mining Operations - Cango deployed 32 exahashes per second (EH/s) of Bitcoin mining capacity in Q4 2024, mining 933.8 Bitcoin with an efficiency of 17.81 BTC per EH/s [4]. - The operational costs were optimized, with an average fleet efficiency of 21.6 joules per terahash (J/TH) and a cash cost of US$67,769.9 per Bitcoin [4]. - As of December 31, 2024, Cango held a total of 933.8 Bitcoin, aligning with its long-term accumulation strategy [4]. Geographic and Operational Strategy - Cango's mining operations are spread across five countries, with 38% of its total hashrate in the United States and 37% in East Africa [5]. - Approximately 90% of its mining fleet consists of water-cooled Bitmain S19XP Hyd. machines, ensuring competitive energy efficiency [5]. Future Plans - The company plans to expand its hashrate to 50 EH/s by the end of July 2025 through a second-phase asset acquisition [6]. - Cango aims to reduce energy costs by leveraging favorable regulatory developments and exploring partnerships for sustainable power solutions [6]. - The company is committed to enhancing its presence in the digital asset ecosystem while managing its Bitcoin holdings in a disciplined manner [6].